ED issues attachment order under PMLA to seize Rs 442.85 crore of erstwhile Kwality Ltd

The attached properties include a farmhouse at DLF Chhatarpur, residential properties at Vasant Vihar and Punjabi Bagh in Delhi, and several residential plots at Karnal and Mohali owned by the erstwhile promoters of Kwality Limited, the officials said.The agency officials alleged that the ED in its investigation found that driver and security guard of the promoters were made the directors in such companies, which defrauded banks.“The FIR alleged that Kwality Limited through the erstwhile Directors indulged in falsification and fabrication of books of accounts by misrepresentation of sales, purchases, debtors and creditors and thereby cheated the Consortium of banks,” a senior ED official said.The bank fraud is to the tune of Rs 1,400.62 crore, according to the CBI FIR.



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